All Forum Posts by: Anup Shah

Hi Folks, I am just catching up on this thread as I am in similar boat and lend regularly as HML. @Kory Reynolds, @Nicholas Aiola and @Basit Siddiqi have answered in detail so thanks to them.

My question is - If I am using online tax tool to file my return how do I show this as business expense and income if I don't have Schedule K1?

@Aamir H. Has anyone tried following workaround? 1. Create an LLC and fund the deal as if you are funding through own hard money. 2. Refinance after rehab is done similar to any hard money refinance without seasoning.

Thanks @Hadar Orkibi and @Joey Hamaoui for valuable insights. :)

Thanks @Hadar Orkibi and @Carolyn Morales for valuable inputs. Really appreciate specific zip-codes. You guys rock! :-)

We are looking to buy a SFR in Grand Park area of JAX (Zip Code 32208). Can anyone who's familiar with this neighborhood let me know the feedback on this area? How's this neighborhood and what kind of deal makes sense here? Appreciate your help here.

how does tax work in partnerships when one partner is funding down payment and they are sharing rental profits.

Hi Folks,

Hope you are having a great weekend. I am looking to explore Jacksonville or surrounding areas. 

Me and my partners have been investing in south of Seattle area and did many buy and holds (BRRRRs) in last couple of years even though it's a competitive market. Now we are looking to expand to out of state and Jacksonville is one of the option I am exploring. Our goal is to have small value add multifamily (around 4-6 units) in B neighborhood which meetgs at least 1.5% rule. What are your thoughts about this? What are the areas where we can find deals that meet above criteria (MLS or off market)? Any existing threads/research which I might have missed on BP or elsewhere?

We are also looking for real estate agent who is investor friendly and can guide (and be patient with us as we will doing a lot of due diligence as this is our first OOS venture). Our goal is to work with someone whom we can trust and have this partnership win-win situation for both over long term.

@Nghi Le - thanks. You are right. The main reason I want to create lend through LLC is to refinance as soon as rehab is done. Understand additional charges for LLC, legal and CPA. Anything else you guys see with this process? Do we need lending license to go this route in WA state?

Me and my partner do BRRRR on properties locally. For most of those properties, we take HML and refinance once rehab is done. Now, I have some money coming in which I want to lend to buy a property and charge some rate of interest. Below is the process I am thinking of doing

1. Open a LLC and bank account.
2. Transfer money to that LLC from my account
3. While buying the property, lend from this LLC to fund the purchase and rehab cost. Create Promissory Note and Deed of trust and document everything.
4. Have partners (and me) pay interest for the period of rehab.
5. Once rehab is done, refinance the property to take the money out.
6. Rinse & repeat

Does this sound like a plan? Do you see any challenges? Do I need to have license to lend money to our own partnership? I am in Washington state.

@Brian Wilson so nice of you to help others. can you please send me the map as well?